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Overnight Asia traded lower on profit taking and some confusion on which way the Chinese government will go in regard to the latest set of economic data that was released Friday. Markets in the region were off about a half a point on average.

In Europe, the markets are mixed at midday. Italy’s borrowing rates went up slightly yesterday as a bond auction took place in the wake of the Fitch downgrade. Markets are virtually flat on average across the region.

In North America, we are seeing a slight downside bias this morning as futures are currently off by about a tenth of a point. We are seeing some profit taking on the recent new highs in the US.

Paul Ryan (the Republican Vice-Presidential candidate) is set to release a new set of budget reform documents today, which are mostly regurgitated from the election platform, but it does represent an attempt at a compromise, which many will welcome. I would be very surprised if the proposals went anywhere, but it does give the children in Washington something to argue about today.

Gold is up about $15.00 on a technical rally and oil has rebounded back over $93.00 per barrel or about three quarters of a point.